Dear Investor,

We certainly live in interesting times you would agree as the happenings of the last financial year were anything but ordinary. India
as a country and its equity markets have managed to withstand global volatility emanating from a barrage of major events, global
and domestic, like Brexit, a surprise win for Donald Trump in the US Presidential Elections, demonetisation, major state elections
and geopolitical tensions from the surgical strike. Despite all this, the Indian economy and the equity markets got a lot done and
saw new highs. In the last financial year we saw the passage of GST Bill, The Insolvency and Bankruptcy Code and NPA ordinance
which will go a long way in paving the path for further growth. The equity markets surpassed expectations and touched all-time
highs with total support from domestic and global investors alike.

The asset management industry had a stellar year growing at over 35%, mainly due to a consistent and cumulative effort by regulators
to enact investor-friendly regulations; increased reach provided by distributors/financial advisers and performance delivered by fund
houses for investors. The important statistic in the growth is that it has been driven equally by the country’s smaller towns (B15
locations) which saw an increase of 41% this fiscal year and now stand at 17% of the total assets of the industry. Retail investors
especially have shown immense faith in mutual funds as an investment option and invested consistently through SIPs in equity-
based funds. Mutual Funds saw their total folio count grow by over 77 lakh taking the total tally to over 5.5 crore folios. Finally, even
the Government has been active with continued inflows into Exchange Traded Funds (ETFs) from the Employees' Provident Fund
Organisation (EPFO) and the ETF route being used for disinvestment (CPSE ETFs).

For us, at SBI Mutual Fund, it has been a busy year too. We have taken up a number of initiatives on the digital side of the business,
enhancing both the investor and distributor platforms. The year saw a revamped SBIMF website, the SBI Savings Fund app for
parking money for very short-term needs, an online app for Android/iPhone platform called InvesTap for investors; and finally a
SBI MF Partner app and web portal for our distribution partners. As we enter our 30th year as a Fund House, we have decided to
keep our customers and distribution partners at the center of whatever we do. We will have to double our efforts and make the
processes simpler for investors and distribution partners to transact with us. We will continue to bust negative myths of investing
through mutual funds and promote the benefits of investing through mutual funds across the country.

Sentiments continue to be positive in the coming year, albeit with a bit of reservation on the fervor of the market levels and the
upcoming GST implementation. Investors would do well to stick to their plans of investment irrespective of market movements,
diversify and keep a track of their asset allocation. An interesting quote from Warren Buffett comes to mind “The most important
quality for an investor is temperament, not intellect.”

Mutual Funds remain a convenient and tax-efficient option for investors, no matter what your financial goals are, and can be ideal
for your monthly budget if you choose to invest through a Systematic Investment Plan. And it is not about SIPs alone. Mutual
Funds are an investment product with a variety of features and you can choose to transact based on your need and understanding.
Features like Triggers (transact when a certain condition is met for e.g. invest more/less depending on market levels), Systematic
Withdrawal Plans (redeem an amount based on your requirement), Systematic Transfer Plan (transfer small regular amounts say
from a debt scheme to an equity scheme) and many more.

Mutual Funds remain the most convenient investment option for your financial goals in life. As they say well begun is half-done so
if you have any queries when planning your investments please get in touch with us or consult your financial/tax adviser.

I ask for your continued patronage as we continue our journey.

Warm Regards,

Anuradha Rao
Managing Director & CEO
 SBI BLUE CHIP FUND

REPORT OF THE BOARD OF DIRECTORS OF SBI MUTUAL FUND TRUSTEE COMPANY

PRIVATE LIMITED FOR THE YEAR 2016-17

The Directors of SBI Mutual Fund Trustee Company Private Limited are pleased to present the Audited Accounts in respect of the schemes of SBI Mutual
Fund for the year ended 31st March, 2017. The scheme-wise financial statements for the year 2016-17, are enclosed with the report of the auditors. The
significant accounting policies through which the financial statements of the schemes are drawn and the explanatory notes to accounts of each of the
schemes are also attached. The financial statements have been prepared as per the SEBI (Mutual Fund) Regulations 1996, in the manner required and
exhibit a true and fair view of the operating results.
1. Scheme Performance & Its justification, Future Outlook and Operations of the Schemes
SBI Blue Chip Fund has performed well on an absolute basis during FY17 (31st March 2016 to 31st March 2017). It marginally outperformed the benchmark
(44 bps), but underperformed its peers in the category. The fund delivered 20.24% returns under regular plan and 21.61% under direct plan vs 21.17%
for the benchmark. Underweight on Financials, Staples and Metals and Overweight on Pharma impacted the performance negatively. Overweight on
Industrials, Downstream Oil, Cement and Agrochemicals and underweight on IT and Telecom led to positive attribution.

Scheme Name 6 months 1 year 3 years 5 years Since Inception

SBI Blue Chip Fund - Reg Plan - Growth 4.4808 20.2404 20.5914 19.4824 11.4940
Benchmark: - S&P BSE 100 7.1150 21.1719 12.2692 12.2884 10.6153
SBI Blue Chip Fund - Dir Plan - Growth 5.0512 21.6137 21.7480 N.A. 18.8306
Benchmark: - S&P BSE 100 7.1150 21.1719 12.2692 N.A. 11.2854
N.A. - Not Applicable
Future Outlook:
Equity:
During the half year ending March 2017, the large cap BSE Sensex is up 6.3% while performance down the capitalization curve has been substantially
better with the BSE Midcap and the BSE Smallcap Indexup by 7.1% and 12.9%, respectively. 
On the economy front, Q3 FY17 economic activity indicators and GDP growth data do not reflect any meaningful adverse impact of demonetization.
It could perhaps also be due to the inability of many growth indicators to adequately capture the performance of informal sector performance. Global
manufacturing activity is improving which is likely to feed into India’s exports. Similarly, 3Q FY17 earnings were better than expected. Nifty PAT grew by
10.3%. The commodity sectors drove a large part of the acceleration in revenues and profits whereas the domestic consumer-facing companies saw the
impact of demonetisation. The general perception is that the impact of demonetisation on profitability has not been as severe as expected. 
Foreign Institutional Investors (FII) capital flows turned positive over the last two months as FIIs invested record US$ 4.6 bn in Indian equities and more
than US$ 3.8 bn in debt. Domestic flows also remained robust as mutual funds collected more than US$ 8.5 bn in the last five months (Oct 2016-Feb 2017)
for equity investments. Systematic Investment Plan (SIP) under which retail investors invest a fixed amount at fixed intervals has been a huge success.
Cyclical revival in global manufacturing and trade activity, better-than-expected corporate results, fading of demonetization fears and continued funds
flows has brought further optimism to the market. This has led to richness in valuations (21x current year earnings). 
Liquidity is also chasing growth opportunities down the cap curve and some of the mid and small caps have risen sharply. That said, we remain positive
from a medium to longer term perspective owing to inherent structural strengths of the economy, bottoming of corporate profitability and prospects of
domestic flows. While keeping an eye on the macro developments, our focus continues on the bottom up stock picking.
Fixed Income
The previous financial year witnessed a broad trend of softening interest rates, easy liquidity as well as improved monetary policy transmission. Over
the financial year, the RBI reduced policy rates by additional 25 bps to 6.25%, even as the policy stance shifted to neutral in February 17. The average CPI
inflation over the year softened marginally to 4.55% as compared to 4.92% in FY16. A massive positive swing in systemic liquidity was the key dynamic
that led to easing rates through the year, even as global dynamics started shifting, especially over Q3 FY17.
In the period between March to June 2016, the debt markets were range bound in the absence of any major triggers. Bond yields rallied significantly post
the Brexit event as global yields moved lower in anticipation of additional monetary easing. As per the revised liquidity management framework, the RBI
conducted large scale OMO purchases of about Rs 1.10 trillion in the fiscal year till October 16. During H1FY17, bond yields witnessed a declining trend
with the yields moving down by around 50-70 bps, even as global bond yields started to rise reflecting better data as well as hopes of fiscal stimulus and
unwinding of monetary accommodation.
The government decision to demonitise high value notes in Nov 16 resulted in a big unanticipated positive swing in domestic liquidity. The impact of
demonetisation in early November overwhelmed all the negatives arising out of changing external market dynamics. The bond markets traded in a very
buoyant mood leading into the December RBI policy, anticipating additional policy rate reductions. The benchmark 10y government bond traded at a low
of 6.11% prior to the December review. The RBI policy stance in the December review disappointed markets as the central bank refrained from additional
monetary policy accommodation and also downplayed the impact of demonetization as it was judged to be uncertain and likely to be transient. Market
expectations regarding policy cuts remained intact even as easy liquidity and lower credit demand kept market levels supported heading into the Febru-
ary policy review. Contrary to most market expectations, RBI changed the policy stance from accommodative to neutral as the MPC reinforced the 4%
CPI target as notified. This led to an upward correction in yields with rates moving up by around 20-30bps across the curve. The subsequent up move in
yields led to the 10y benchmark security yield moving up above 6.90%.

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 SBI BLUE CHIP FUND
Over the year, interest rates across the spectrum eased by around 80-100bps, with the benchmark 10y government security yield moving lower to 6.69%
by March 17 as compared to 7.46% in March 16. The swing in liquidity as well as the change in stance in February led to the sovereign curve steepening
over the same period.
We have managed the duration positioning in schemes in a tactical manner over the last half year. The schemes had increased duration during the de-
monetisation phase in Q3 and subsequently reduced the same prior to the December review as markets started to trade euphorically and market levels
started to get mispriced from fundamentals. The change in stance enhances the commitment of the central bank to structurally keep inflation expecta-
tions contained and to reduce the variability in realised inflation outcomes. Accordingly even as near term CPI readings provide comfort, it is expected
that over the coming year, the policy rates are more likely to remain stable with a cautious stance. Bond yields would be guided by other developments
such as demand –supply dynamics, global yield movements and banking system liquidity. From a longer-term perspective, the narratives around bond
yields are broadly positive, guided by reduced risk premium for Indian G-secs, expectations of polity continuity and reform momentum in the country.
While we take the board macro call on duration, credit call is a more nuanced and tricky one. The improvement in India’s economic fundamentals, leg-
islative and regulatory improvement, disintermediation of the credit market – all lay down positive narratives for the lending market. But at the same
time, corporates face host of disruptive forces and hence not all sectors can be served on the same credit platter. We focus on a completely bottom-up
approach for credit picking in our portfolios.
Operations of the schemes
SBI Mutual Fund manages 45 open ended and 101 close ended schemes and 01 interval scheme, out of which 30 are equity schemes (10 close ended),1
balance scheme, 3 liquid schemes, 2 gilt scheme, 104 debt schemes (91 close ended & 1 interval) and 6 ETF Scheme, 1 Gold Fund scheme. (As per March
2017 – Monthly Cumulative Report)
SBI Mutual Fund continues to hold certain securities which were sold by it but these have not been got transferred by the buyers in their names. These
securities do not belong to SBIMF, but are held on behalf of the unknown buyers and not as Owners.Investors.  Such securities are transferred to the buy-
ers against claims after establishing the genuineness of the claim. The market value of such securities as on 31st March 2017 is Rs. 23.27 crore.
2. Brief Background of Sponsors, Trust, Trustee Co. and AMC Co.
a. State Bank of India.
SBI Mutual Fund is sponsored by State Bank of India, one of the largest public sector banks in India. The Sponsor is the Settlor of the Mutual Fund
Trust. The Sponsor has entrusted a sum of Rs. 5 Lakhs to the Trustee as the initial contribution towards the corpus of the Mutual Fund.
The State Bank of India 'SBI' having its Corporate Office at State Bank Bhavan, Madame Cama Road, Mumbai - 400 021, is the largest public sector
bank with 17170 branches in India and 195 foreign offices spread over 36 countries, the largest overseas network among all Indian banks. Extensive
network, along with correspondent banking relationship with more than 243 banks and tie ups with 31 Exchanges across all continents, making SBI
a bank with global outreach.
SBI also has 5 Banking Subsidiaries in addition to other non-banking subsidiaries in India. State Bank of India holds 63% stake in SBI Funds Management
Private Limited.
Financial Performance of the SBI (Sponsor) {past three years}:

Particulars 2017 2016 2015

Net Worth (Rs. Cr.) (Paid up Capital and Reserves & Surplus) 1,52,271.78 1,46,627 1,28,439
Total Income (Rs. Cr.) 2,10,979 1,91,844 1,74,973
Net Profit (Rs. Cr.) 10,484 9,951 13,102
b. SBI Mutual Fund
SBI Mutual Fund (SBIMF) was set up as a Trust by the settlors, State Bank of India on June 29, 1987 with SBI Mutual Fund Trustee Company Private
Limited (The Trustee Company) as a Trustee in accordance with the provisions of the Indian Trust Act, 1882 and is duly registered under the Registration
Act, 1908.  The Trustee has entered into an Investment Management Agreement dated May 14, 1993 and also a supplemental thereto on April 28,
2003, which was replaced by Restated and Amended Investment Management Agreement December 29, 2004 with SBI Funds Management Private
Ltd. (the AMC) to function as the Investment Manager for all the Schemes of SBI MF. SBI MF was registered with SEBI on December 23, 1993 under
Registration Code MF-009/93/3.
c. SBI Mutual Fund Trustee Company Private Limited.
The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been discharging
its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed.
The Trustee seeks to ensure that the Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the
Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory
agencies.
d. SBI Funds Management Private Limited. 
SBI Funds Management Private Limited (SBIFMPL) is a private limited company incorporated under the Companies Act, 1956 on February 17, 1992,
having its Registered Office at 9th Floor, Crescenzo, C-38 & 39, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051. SBIFMPL has been
appointed as the Asset Management Company of the SBI Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May
14, 1993 and also a supplemental thereto on April 28, 2003 and the same have been replaced by Restated and Amended Investment Management
Agreement entered into between SBIMFTCPL and SBIFMPL on December 29, 2004.

Abridged Annual Report 2016-17 4

 SBI BLUE CHIP FUND
As per the audited accounts on 31st March, 2017, the authorized and paid-up capital of the AMC was Rs. 50 crores and the Networth of the AMC
was Rs. 758.90 SBI FMPL is a joint venture between State Bank of India (SBI) and AMUNDI Asset Management (erstwhile Amundi S.A.), a leading
European asset management company. A shareholder agreement in this regard has been entered on April 13, 2011 between SBI & AMUNDI Asset
Management. Accordingly, SBI currently holds 63% stake in SBI FMPL and the 37% stake is held by AMUNDI Asset Management through a wholly
owned subsidiary Amundi India Holding. Initially this 37 % holding was held by Societe Generale Asset Management S.A. (“SGAM”), a subsidiary of
Societe Generale S.A (“SG”) which was transferred to Amundi in June 2011 with due approval of SEBI pursuant to SEBI ( Mutual Funds) Regulations,
1996. AMUNDI Asset Management shall provide strategic support to the Company. SBI & AMUNDI Asset Management shall jointly develop the
Company as an asset management company of international repute by adopting global best practices and maintaining international standards.
In terms of Investment Management Agreement, SBIFMPL has assumed the day to day investment management of the fund and in that capacity makes
investment decisions and manages the SBI Mutual Fund schemes in accordance with the scheme objectives, Trust Deed, provisions of Investment
Management Agreement and SEBI Regulations & Guidelines.
In addition to the investment management activity, SBI Funds Management Private Limited has also been granted a certificate of registration as a
Portfolio Manager with Registration Code INP000000852. SEBI has renewed the certificate for a period from January 16, 2016 to January 15, 2019.
Apart from this SBI Funds Management Private Limited has received an ‘In-principle’ approval from SEBI for SBI Resurgent India Opportunities Fund
(Offshore Fund) vide letter no. IMD/RK/53940/2005 dated November 16, 2005.
SBI Funds Management Private Limited is also acting as Investment Manager of SBI Alternative Equity Fund which is registered with SEBI vide SEBI
Registration number: IN/AIF3/15-16/0177, as a category III Alternative Investment Fund.
The AMC certifies that there would be no conflict of interest between the Asset Management activity and these other activities.
3. Investment Objectives, basis and policy of investment of the Schemes
SBI BLUE CHIP FUND

Launched Date: 23/12/2005

Objective: The investment objective of the scheme is to provide investors with opportunities for long-term growth in capital through an
active management of investments in a diversified basket of equity stocks of companies whose market capitalization is at least equal to
or more than the least market capitalized stock of S&P BSE 100 Index.
Per Unit NAV as on : 31/03/2017

Regular Plan-Growth : Rs. 33.5722

Regular Plan-Dividend : Rs. 19.1053

Direct Plan-Growth : Rs. 34.7876

Direct Plan-Dividend : Rs. 22.5821

Corpus : Rs. 4190.11 Crore

Average Assets Under Management : Rs. 8717.80 Crore

4. Significant Accounting Policies

Accounting Policies are in accordance with Securities Exchange Board of India (Mutual Fund) Regulations 1996.
5. Unclaimed Dividends & Redemptions as on 31st March,2017
Summary of No. of warrants & corresponding amount scheme wise:

Scheme Name No. of Investors Unclaimed Dividend No. of Investors Unclaimed Redemption
SBI BLUE CHIP FUND 10,033.00 2,86,17,865.60 1,571.00 3,35,88,234.71
N.A. - Not Applicable

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 SBI BLUE CHIP FUND

6. Redresal of Complaints received against Mutual Funds (MFs) during 2016 -2017
Investor Complaints Report
Redressal of Complaints received against Mutual Funds (MFs) during 2016-2017
Name of Mutual Fund : SBI Mutual Fund
Total Number of Folios : 5184873
Com- Type of Complaint# (a) No. of Action on (a) and (b)
plaint complaints (b) No. of Resolved Non Pending
Code pending at Complaints re-
the beginning ceived during Within 30-60 60-180 Beyond Action- 0-3 3-6 6-9 9-12
of the year 30 days days days 180 days able * months months months months
the year
IA Non receipt of Dividend on Units 2 6 8 0 0 0 0 0 0 0 0
IB Interest on delayed payment of 0 0 0 0 0 0 0 0 0 0 0
Dividend
IC Non receipt of Redemption Proceeds 0 22 21 0 0 0 0 1 0 0 0
ID Interest on delayed payment of 0 0 0 0 0 0 0 0 0 0 0
Redemption
II A Non receipt of Statement of 0 0 0 0 0 0 0 0 0 0 0
Account/Unit Certificate
II B Discrepancy in Statement of 0 1 1 0 0 0 0 0 0 0 0
Account
II C Data corrections in Investor details 2 1645 1647 0 0 0 0 0 0 0 0
II D Non receipt of Annual Report/ 0 0 0 0 0 0 0 0 0 0 0
Abridged Summary
III A Wrong switch between Schemes 0 5 5 0 0 0 0 0 0 0 0

III B Unauthorized switch between 0 0 0 0 0 0 0 0 0 0 0

Schemes
III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0
III D Wrong or excess charges/load 0 1 1 0 0 0 0 0 0 0 0
III E Non updation of changes viz. 2 64 66 0 0 0 0 0 0 0 0
address, PAN, bank details,
nomination, etc
IV Others* 6 196 202 0 0 0 0 0 0 0 0
V SIP-Others 0 4984 4702 0 0 0 0 282 0 0 0
Total   12 6924 6653 0 0 0 0 283 0 0 0
SBI Mutual Fund for FY 2016-2017 Complaints Summary  

 
Particulars Count
Total Complaints Received 6924
Total Number of Folios 5184873
Percentage Complaints Against Folios 0.13%
* If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately
Example : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide
Transmission as separate reason (V) along with all other parameters
# including against its authorized persons . distributors . employees, etc
7. Statutory Information:
a. The Sponsors are not responsible or liable for any loss resulting from the Operation of the schemes of the Fund beyond their initial contribution (to
the extent contributed) of Rs.5 lakhs for setting up the Fund, and such other accretions / additions to the same.
b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying
investments in securities or fair value in underlying real estate asset, as the case may be.
c. Full Annual Report is disclosed on our website ( www.sbimf.com) and is available for inspection at the Head Office of the Mutual fund. Present and
prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC and the text of relevant scheme at a price.
d. The full valuation policy is available on our website (www.sbimf.com)

Abridged Annual Report 2016-17 6

 SBI BLUE CHIP FUND

PROXY VOTING:
The general voting policies and procedures of SBI Funds Management Private Limited for the Schemes of SBI Mutual Fund and the actual exercise of
votes in the general meetings of investee companies for financial year 2016-17 have been disclosed on our website (www.sbimf.com) and in the full An-
nual Report for financial year 2016-17.
INVESTOR EDUCATION
Investor Education remains a top priority for us at SBI Mutual Fund as awareness continues to remain in the low single digits for mutual funds. In FY
2016-17, we have done investor awareness campaigns around SIPs, general mutual fund benefits vis-à-vis other investment options. The major investor
awareness activities undertaken by us during the year are as under:
1. Development and Dissemination of Investor education material using Audio, Radio, Cinema, Visual Media, etc. Articles and books on mutual fund and
financial planning concepts like SIP, various types of mutual funds, using mutual funds to plan for financial goals in life (like liquid funds for parking
money for the short-term) and the benefits of long-term investing etc in-house or in partnership with publications like Outlook Money.
2. Partnering Investor Awareness events with Business magazines, ICC Investment Summit, WIRC/ICAI International Conference Mumbai-2016, with
publications like MINT, Hindu Business Line and Eenadu, and online sites like Investonomix etc to disseminate financial literacy among students,
professionals, young entrepreneurs and future thought leaders.
3. Online Media Campaigns – online media like personal finance websites, mass sites, Google search advertisements etc. were used extensively for
investment awareness. We promoted concepts like ELSS, SIP, and Start Investing in Mutual funds on sites like Economic Times, Moneycontrol, Times
of India, India Today, Value Research, and NDTV etc., supplemented with online landing pages which talk in detail about the campaign messages.
The Social Media (Facebook, LinkedIn, and Twitter) was also used extensively to promote Investment awareness messages.
4. A tactical campaign was organized on the Women’s Day through business publications - DNA, Midday, Indian Express, MINT, Business Standard and
through Social Media platforms, to urge women to start investing in Mutual Funds and become financially independent.
5. We conducted 692 Investor Education meets covering 32,795 participants during the year.
LIABILITY AND RESPONSIBILITY OF TRUSTEE AND SETTLOR
The main responsibility of the Trustee is to safeguard the interest of the Unit holders and inter-alia ensure that SBI Funds Management Pvt. Ltd. (SBIFM)
functions in the interest of the investors and in accordance of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions
of the Trust Deed and the Scheme Information Document of the respective schemes. From the information provided to the Trustee and the reviews the
Trustee has undertaken, the Trustee believes SBIFM has operated in the interest of the Unit holders.
The settlor is not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution of Rs 5 lacs
made by it towards setting of SBI Mutual Fund.
ACKNOWLEDGEMENT
The Directors take this opportunity to express their gratitude for the continued support and co-operation extended by the State Bank of India, AMUNDI,
the Registrars & Transfer Agents, the Custodians, the multiple banks dealing with SBI Mutual Fund both for collections as well as payments, Government
Agencies, Auditors, SEBI, AMFI, the Board of Directors of SBI Funds Management Private Limited, market intermediaries and the large body of investors
in various schemes of the Fund.
For and on behalf of the Board of Directors
SBI Mutual Fund Trustee Company Pvt. Ltd.

Sd/-
Place : Mumbai Shriniwas Y. Joshi
Date : 10/06/2017 (Director)

Abridged Annual Report 2016-17 7

 SBI BLUE CHIP FUND

FINANCIAL STATEMENTS — MARCH 31, 2017 TOGETHER WITH INDEPENDENT AUDITOR'S REPORT
To the Trustees of SBI Mutual Fund
Report on the Financial Statements
We have audited the accompanying financial statements of the SBI BLUE CHIP FUND of the SBI Mutual Fund, which comprises the Balance Sheets as at
March 31, 2017, the Revenue Accounts, the Cash Flow Statements for the year then ended and a summary of significant accounting policies and other
explanatory information.
Management’s Responsibility for the Financial Statements
The Managements of SBI Mutual Fund Trustee Company Pvt Ltd and SBI Funds Management Pvt Ltd are responsible for the preparation of these financial
statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with the accounting
principles generally accepted in India, including accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange
Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (“the Regulations”). This responsibility includes the maintenance of adequate
accounting records for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
internal control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected
depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Schemes internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information
required by the Regulations and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of
the Scheme as at March 31, 2017, its Surplus and its cash flow for the year then ended.
Report on Other Legal and Regulatory Requirements
As required under the Regulations, we report that:
1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;
2. The Balance Sheets, Revenue Accounts and Cash Flow Statements dealt with by this Report are in agreement with the books of account of the
Schemes;
3. In our opinion, the Balance Sheets, Revenue Accounts and Cash Flow Statements dealt with by this report have been prepared in accordance with
the accounting policies and standards as specified in the Ninth Schedule of the Regulations.
4. The methods used to value non traded securities, as determined by SBI Funds Management Private Limited and as approved by the Trustee of SBI
Mutual Fund are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule
of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable.
For Haribhakti & Co. LLP
Chartered Accountants
ICAI Firm Registration No. 103523W / W100048

Siddharth Iyer
Partner
Membership No. 116084
Place : Mumbai
Date : June 10, 2017

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 SBI BLUE CHIP FUND

ABRIDGED BALANCE SHEET

AS AT MARCH 31, 2017
As at As at
March 31, 2017 March 31, 2016
(` in Lakhs) (` in Lakhs)
LIABILITIES
1 Unit Capital 4,19,010.92 2,11,191.09
2 Reserves and Surplus
2.1 Unit Premium Reserves 5,91,547.51 2,10,096.02
2.2 Unrealised Appreciation Reserve 1,70,232.66 33,130.34
2.3 Other Reserves 81,909.59 64,243.56
3 Loans & Borrowings - -
4 Current Liabilities and Provisions
4.1 Provision for doubtful Income/Deposits - -
4.2 Other Current Liabilities & Provisions 3,346.75 10,691.45
TOTAL 12,66,047.43 5,29,352.46

ASSETS
1 Investments
1.1 Listed Securities:
1.1.1 Equity Shares 10,58,594.29 4,38,346.28
1.1.2 Preference Shares - -
1.1.3 Equity Linked Debentures 5,755.90 4,190.71
1.1.4 Other Debentures & Bonds - -
1.1.5 Securitised Debt securities - -
1.2 Securities Awaited Listing:
1.2.1 Equity Shares - -
1.2.2 Preference Shares - -
1.2.3 Equity Linked Debentures - -
1.2.4 Other Debentures & Bonds - -
1.2.5 Securitised Debt securities - -
1.3 Unlisted Securities
1.3.1 Equity Shares - -
1.3.2 Preference Shares - -
1.3.3 Equity Linked Debentures - -
1.3.4 Other Debentures & Bonds - -
1.3.5 Securitised Debt securities - -
1.4 Government Securities - -
1.5 Treasury Bills - -
1.6 Commercial Paper 99.40 4,436.67
1.7 Certificate of Deposits - 1,481.93
1.8 Bill Rediscounting - -
1.9 Units of Domestic Mutual Fund - 39,051.02
1.10 Foreign Securities - -
1.11 Gold - -
1.12 Inflation Indexed Bonds - -
Total Investments 10,64,449.59 4,87,506.61

2 Deposits 15,396.50 3,381.00

3 Other Current Assets
3.1 Cash & Bank Balance 2,324.91 37,668.78
3.2 CBLO/ Reverse Repo Lending 1,83,081.37 327.42
3.3 Others 795.06 468.65
4 Deferred Revenue Expenditure (to the extent not written off) - -
TOTAL 12,66,047.43 5,29,352.46
Notes to Accounts - Annexure I

Abridged Annual Report 2016-17 9

 SBI BLUE CHIP FUND

ABRIDGED REVENUE ACCOUNT

FOR THE YEAR ENDED MARCH 31, 2017
For the For the
Year ended Year ended
March 31, 2017 March 31, 2016
(` in Lakhs) (` in Lakhs)
1 INCOME
1.1 Dividend 9,566.17 3,130.39
1.2 Interest 7,552.76 2,440.13
1.3 Realised Gain / (Loss) on Foreign Exchange Transactions - -
1.4 Realised Gains / (Losses) on Interscheme sale of investments (60.13) (57.94)
1.5 Realised Gains / (Losses) on External sale / redemption of investments 14,166.34 12,443.38
1.6 Realised Gains / (Losses) on Derivative Transactions 7,932.20 (1,187.42)
1.7 Other Income 565.84 471.70
(A ) 39,723.18 17,240.24

2 EXPENSES
2.1 Management fees 7,693.29 2,773.37
2.2 Service tax on Management fees 1,150.92 386.39
2.3 Transfer agents fees and expenses 1,472.48 574.91
2.4 Custodian fees 84.19 28.88
2.5 Trusteeship fees 10.02 3.33
2.6 Commission to Agents 7,241.87 2,227.34
2.7 Marketing & Distribution expenses 49.45 227.50
2.8 Audit fees 3.35 1.74
2.9 Investor Education Fund 174.36 58.41
2.10 Other operating expenses 5.88 4.48
(B ) 17,885.81 6,286.35

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) 21,837.37 10,953.89

4 Change in Unrealised Depreciation in value of investments (D) 307.41 (301.98)

5 NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E=(C+D)) 22,144.78 10,651.91

6 Change in unrealised appreciation in the value of investments (F) 1,37,102.32 (7,253.37)

7 NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD ( E + F = G ) 1,59,247.10 3,398.54

7.1 Add: Balance transfer from Unrealised Appreciation Reserve - 7,253.37

7.2 Less: Balance transfer to Unrealised Appreciation Reserve (1,37,102.32) -
7.3 Add / (Less): Equalisation 4,617.40 7,941.06
7.4 Less: Amount transferred to Investor Education Fund - -
7.5 Add / (Less): Amount transferred from UPR - -
7.6 Amount receivable from AMC - -
8 Total 26,762.18 18,592.97
9 Dividend appropriation
9.1 Income Distributed during the year / period 9,096.13 10,915.83
9.2 Tax on income distributed during the year / period - -

10 Retained Surplus / (Deficit) carried forward to Balance sheet 17,666.05 7,677.14

Notes to Accounts - Annexure I

Abridged Annual Report 2016-17 10

 SBI BLUE CHIP FUND

Notes to Accounts - Annexure I to the Abridged Balance Sheet and Revenue Account for the Year /
Period ended 31st March 2017
Amount in ` in Lakhs unless otherwise stated
1. Investments:-

1.1. All the investments are held in the name of the Scheme(except for Government Securities and Treasury Bills which are in the name of the Fund),
as per clause 7 of the Seventh Schedule under Regulation 44(1) of SEBI (Mutual Funds) Regulations, 1996.
1.2. Open Position of derivatives (outstanding market value & % to Net Assets as of the Year end) and Derivative disclosure in accordance with SEBI
Circular No. Cir/IMD/DF/11/2010 dated August 18, 2010 :
a. i) Hedging Positions through Futures as on March 31, 2017

Scheme As on Underlying Long / Futures Current Margin Market Value Market Value
(Short) Price when price of the maintained (` in Lakhs) as % to Net
Units purchased contract (` in Lakhs) Assets
(` Per Unit) (` Per Unit)
SBI BLUE March 31, - - - - - - -
CHIP 2017
FUND March 31, - - - - - - -
2016
ii) For the period ended March 31, 2017 details of hedging transactions through futures which have been squared off/expired are as
under.

Scheme For the period Total Number of Total Number of Gross Notional Gross Notional Net Profit/
contracts where contracts where Value of Value of (Loss) value on
futures were futures were contracts where contracts where all contracts
bought sold futures were futures were combined
bought sold
SBI BLUE CHIP March 31, 2017 - - - - -
FUND
March 31, 2016 - - - - -

b. i) Other than Hedging Positions through Futures as on March 31, 2017

Scheme As on Underlying Long / Futures Current Margin Market Value Market Value
(Short) Price when price of the maintained (` in Lakhs) as % to Net
Units purchased contract (` in Lakhs) Assets
(` Per Unit) (` Per Unit)
SBI BLUE March 31, NIFTY3 11,51,250 9,175.47 9,197.75 10,694.80 1,05,889.10 8.41
CHIP 2017
FUND Total exposure 1,05,889.10 8.41
due to futures
as a %age
of net assets
(Other than
hedging
positions)
March 31, NIFTY 3,18,825 7,754.27 7,784.40 1,762.12 24,818.61 4.84
2016
Total exposure 24,818.61 4.84
due to futures
as a %age
of net assets
(Other than
hedging
positions)

Abridged Annual Report 2016-17 11

 SBI BLUE CHIP FUND
ii) For the period ended March 31, 2017, details of non-hedging transactions through futures which have been squared off/expired are
as under.

Scheme For the period Total Number of Total Number of Gross Notional Gross Notional Net Profit/
contracts where contracts where Value of Value of (Loss) value on
futures were futures were contracts where contracts where all contracts
bought sold futures were futures were combined
bought sold
SBI BLUE CHIP March 31, 2017 1,21,052 1,25,303 7,74,750.69 8,07,817.75 8,344.51
FUND
March 31, 2016 43,253 43,253 1,54,231.80 1,53,124.15 (1,107.65)

c. i) Hedging Positions through Options as on March 31, 2017

Scheme As on Underlying Call / put Number of Option Current Market Value Market Value
Contracts Price when Option Price (` in Lakhs) as % to
purchased (` Per Unit) Net Assets
(` Per Unit)
SBI BLUE March 31, - - - - - - -
CHIP 2017
FUND March 31, - - - - - - -
2016
ii) For the period ended March 31, 2017, details of hedging transactions through options which have already been exercised/expired
are as under.

Scheme For the period Total Number of Total Number of Gross Notional Gross Notional Net Profit/
contracts where contracts where Value of Value of (Loss) value on
options were options were contracts where contracts where all contracts
bought sold options were options were combined
bought sold
SBI BLUE CHIP March 31, 2017 - - - - -
FUND
March 31, 2016 - - - - -

d. i) Other than Hedging Positions through Options as on March 31, 2017

Scheme As on Underlying Call / put Number of Option Current Market Value Market Value
Contracts Price when Option Price (` in Lakhs) as % to
purchased (` Per Unit) Net Assets
(` Per Unit)
SBI BLUE March 31, - - - - - - -
CHIP 2017
FUND March 31, - - - - - - -
2016
ii) For the period ended March 31, 2017, details of non-hedging transactions through options which have already been exercised/expired
are as under.

Scheme For the period Total Number of Total Number of Gross Notional Gross Notional Net Profit/
contracts where contracts where Value of Value of (Loss) value on
options were options were contracts where contracts where all contracts
bought sold options were options were combined
bought sold
SBI BLUE CHIP March 31, 2017 - - - - -
FUND
March 31, 2016 - - - - -

Abridged Annual Report 2016-17 12

 SBI BLUE CHIP FUND
e. Hedging Positions through swaps as on March 31, 2017

Scheme As On Underlying Number of Swap Current Price Market Value Market Value
contracts Price when (` Per Unit) (`in Lakhs) as
purchased % to Net
(` Per Unit) Assets
SBI BLUE CHIP March 31, 2017 - - - - - -
FUND
March 31, 2016 - - - - - -

1.3 Investments in securities of the sponsors and group companies of sponsors :

Scheme Name of Related Instrument Purchase Sale Closing Market Value

Party Type
2016-17 2015-16 2016-17 2015-16 March 31, March 31,
2017 2016
SBI BLUE CHIP FUND STATE BANK OF Equity 29,272.45 4,545.33 - 2,562.79 39,686.60 5,004.75
INDIA
All schemes of the Fund STATE BANK OF Equity 1,48,812.96 57,944.52 14,169.52 9,680.70 2,69,174.90 79,500.84
INDIA
Debt - 334.44 - 877.46 314.24 309.98
STATE BANK OF Debt - - - - 483.58 487.26
TRAVANCORE
STATE BANK Debt 2,518.97 - 2,582.10 - - -
OF BIKANER &
JAIPUR
Note :- CBLO Placement, Reverse Repo, Fixed Deposits and Derivative Transactions are not considered while calculating figures of aggregate
purchase and sale.
1.4 Open position of securities borrowed or lent by the scheme is : NIL ( Previous Year : NIL )
1.5 Details of NPA: Aggregate market value and provision thereof are NIL (Previous Year: NIL)
1.6 Aggregate Unrealised Gain / Loss as at the end of the Financial Year / Period and percentage to net assets.

Scheme Investments March 31, 2017 March 31, 2016

Appreciation/ Appreciation/ Appreciation/ Appreciation/
(Depreciation) (Depreciation) (Depreciation) (Depreciation)
% to Net Assets % to Net Assets
SBI BLUE CHIP FUND Equity & equity related 1,69,976.13 13.46 32,667.50 6.30
Instruments
Mutual Fund Units - - 51.02 0.01
Certificate of Deposits - - 2.70 0.00
Commercial Papers 0.00 0.00 5.63 0.00
Total 1,69,976.13 13.46 32,726.86 6.31

1.7 Aggregate Value of Purchase and Sale with Percentage to average net assets.

Scheme Purchase / Sale 2016-17 2015-16

Amount % of Avg Daily Amount % of Avg Daily
Net Assets Net Assets
SBI BLUE CHIP FUND Purchase 14,23,502.62 163.29 10,36,719.77 354.95
SBI BLUE CHIP FUND Sale 9,99,056.23 114.60 7,21,950.57 247.18

Note :- CBLO Placement, Reverse Repo, Fixed Deposits and Derivative Transactions are not considered while calculating figures of aggregate
purchase and sale.

Abridged Annual Report 2016-17 13

 SBI BLUE CHIP FUND
1.8 Non-Traded securities in the portfolio :

Scheme March 31, 2017 March 31, 2016

Amount (` In lakhs) % to Net Assets Amount (` In lakhs) % to Net Assets
SBI BLUE CHIP FUND 99.40 0.01 5,918.60 1.14

2 Disclosure under Regulation 25(8) of SEBI (Mutual Funds) Regulations, 1996.
(I) Details of transactions with associates
a. Brokerage Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Period covered Value of transaction Brokerage

Relationship ( ` In Lakhs & % of total (` In Lakhs & % of total
value of transaction of the brokerage paid by the
fund ) fund)
(` In Lakhs) % (` In %
Lakhs)
SBICAP Securities Ltd. Group Company April 2016 to March 2017 1,66,168.04 0.16 187.65 3.12
1,66,168.04 0.16 187.65 3.12

SBICAP Securities Ltd. Group Company April 2015 to March 2016 2,81,992.01 3.48 136.88 4.07

2,81,992.01 3.48 136.88 4.07

b. Commission Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Period covered Value of transaction Commission

Relationship (` In Lakhs & % of total (` In Lakhs & % of total
value of transaction of commission paid by the
the fund ) fund)
(` In Lakhs) % (` In %
Lakhs)
State Bank Of India Sponsor April 2016 to March 2017 76,09,306.76 5.79 20,737.71 33.51
SBICAP Securities Ltd. Group Company April 2016 to March 2017 8,611.98 0.01 146.36 0.24
State Bank Of Bikaner & Group Company April 2016 to March 2017 79,509.94 0.06 99.82 0.16
Jaipur
State Bank Of Hyderabad Group Company April 2016 to March 2017 29,544.60 0.02 186.46 0.30
State Bank Of Mysore Group Company April 2016 to March 2017 20,831.25 0.02 78.18 0.13
State Bank Of Patiala Group Company April 2016 to March 2017 2,00,717.46 0.15 249.01 0.40
State Bank Of Travancore Group Company April 2016 to March 2017 18,321.89 0.01 200.72 0.32
Saurashtra Gramin Bank Group Company April 2016 to March 2017 3.97 0.00 0.41 0.00
Purvanchal Gramin Bank Group Company April 2016 to March 2017 15.63 0.00 0.90 0.00
Chhattisgarh Gramin Bank Group Company April 2016 to March 2017 15.95 0.00 1.06 0.00
Total 79,66,879.43 6.07 21,700.62 35.06

Abridged Annual Report 2016-17 14

 SBI BLUE CHIP FUND

Name of Related Party Nature of Period covered Value of transaction Commission

Relationship (` In Lakhs & % of total (` In Lakhs & % of total
value of transaction of commission paid by the
the fund ) fund)
(` In Lakhs) % (` In %
Lakhs)
State Bank Of India Sponsor April 2015 to March 2016 39,39,648.89 3.40 6,211.68 21.96
SBICAP Securities Ltd. Group Company April 2015 to March 2016 22,060.12 0.02 56.56 0.20
State Bank Of Bikaner & Group Company April 2015 to March 2016 75,622.36 0.07 68.43 0.24
Jaipur
State Bank Of Hyderabad Group Company April 2015 to March 2016 6,402.27 0.01 48.16 0.17
State Bank Of Mysore Group Company April 2015 to March 2016 18,297.93 0.02 37.21 0.13
State Bank Of Patiala Group Company April 2015 to March 2016 2,19,585.63 0.19 133.70 0.47
State Bank Of Travancore Group Company April 2015 to March 2016 21,401.92 0.02 102.07 0.36
Saurashtra Gramin Bank Group Company April 2015 to March 2016 18,757.93 0.02 0.30 0.00
Purvanchal Gramin Bank Group Company April 2015 to March 2016 6.22 0.00 0.30 0.00
Chhattisgarh Gramin Bank Group Company April 2015 to March 2016 25.22 0.00 0.54 0.00
Total 43,21,808.49 3.74 6,658.95 23.54

c. Custodian charges Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Relationship Period covered Custodian Charges

( ` In Lakhs & % of total
Custodian Charges paid by the
fund)
(` In Lakhs) %
SBISG Global Securities Group Company April 2016 to March 2017 696.18 57.59
Services Pvt. Ltd.
Total 696.18 57.59
SBISG Global Securities Group Company April 2015 to March 2016 472.28 50.43
Services Pvt. Ltd.
Total 472.28 50.43

d. Bank charges Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Relationship Period covered Bank Charges

( ` In Lakhs & % of total
Bank Charges paid by the fund)
(` In Lakhs) %
State Bank Of India Sponsor April 2016 to March 2017 325.73 91.73
State Bank Of Bikaner And Jaipur Group Company April 2016 to March 2017 4.33 1.22
State Bank Of Hyderabad Group Company April 2016 to March 2017 4.38 1.23
State Bank Of Mysore Group Company April 2016 to March 2017 4.05 1.14
State Bank Of Patiala Group Company April 2016 to March 2017 10.42 2.93
State Bank Of Travancore Group Company April 2016 to March 2017 6.18 1.74
Total 355.10 100.00

Abridged Annual Report 2016-17 15

 SBI BLUE CHIP FUND

Name of Related Party Nature of Relationship Period covered Bank Charges

( ` In Lakhs & % of total
Bank Charges paid by the fund)
(` In Lakhs) %
State Bank Of India Sponsor April 2015 to March 2016 266.82 76.71
State Bank Of Bikaner And Jaipur Group Company April 2015 to March 2016 3.61 1.04
State Bank Of Hyderabad Group Company April 2015 to March 2016 3.91 1.13
State Bank Of Mysore Group Company April 2015 to March 2016 4.09 1.18
State Bank Of Patiala Group Company April 2015 to March 2016 10.17 2.92
State Bank Of Travancore Group Company April 2015 to March 2016 4.33 1.24
Total 292.94 84.22

e. CCIL/CBLO Charges Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Relationship Period covered CCIL/CBLO

( ` In Lakhs & % of total
CCIL/CBLO paid by the fund)
(` In Lakhs) %
The Clearing Corporation of India Ltd. Group Company April 2016 to March 2017 395.48 100.00
Total 395.48 100.00
The Clearing Corporation of India Ltd. Group Company April 2015 to March 2016 253.83 100.00
Total 253.83 100.00

f. Insurance Charges Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Relationship Period covered Insurance Charges

(` In Lakhs & % of total
Insurance Charges paid by the
fund)
(` In Lakhs) %
SBI General Insurance Co. Ltd. Group Company April 2016 to March 2017 23.50 100.00
Total 23.50 100.00
SBI General Insurance Co. Ltd. Group Company April 2015 to March 2016 24.22 100.00
Total 24.22 100.00

g. Interest on Borrowing Paid to Associates/Related Parties/ Group Companies of Sponsor/AMC by all schemes

Name of Related Party Nature of Relationship Period covered Interest on Borrowing

( ` In Lakhs & % of total
Interest on Borrowing paid by
the fund)
(` In Lakhs) %
State Bank Of India Sponsor April 2016 to March 2017 789.99 9.15
The Clearing Corporation of India Ltd. Group Company April 2016 to March 2017 7,779.46 90.14
Total 8,569.45 99.30
State Bank Of India Sponsor April 2015 to March 2016 764.00 15.74
The Clearing Corporation of India Ltd. Group Company April 2015 to March 2016 4,004.54 82.49
Total 4,768.54 98.23

(II) Underwriting obligations undertaken by the schemes with respect to issue of securities by associate companies: NIL (Previous Year :
NIL)
(III) Devolvements : No underwriting devolvements. (Previous Year : NIL)

Abridged Annual Report 2016-17 16

 SBI BLUE CHIP FUND
(IV) Subscription by the schemes (excluding secondary market purchases) in the issues lead managed by an associate company, SBI CAP Securities
Ltd., during the year ended 31st March 2017 is as under :

Name of the issuer Instrument Scheme Amount

Bharat Electronics Limited Equity (OFS) SBI INFRASTRUCTURE FUND 1,650.00
BSE Ltd Equity (IPO) SBI CONTRA FUND 127.00
SBI EMERGING BUSINESSES FUND 330.00
Equity (IPO-Anchor) SBI SMALL AND MIDCAP FUND 1,607.00
Canara Bank Right Issue SBI-ETF NIFTY BANK 19.00
SBI-ETF BSE 100 0.00
Hindalco Industries Limited Equity (QIP) SBI MAGNUM MULTIPLIER FUND 1,998.70
SBI MAGNUM TAXGAIN SCHEME 2,500.74
SBI MAGNUM MULTICAP FUND 1,761.89
SBI BLUE CHIP FUND 18,509.41
ICICI Prudential Life Insurance Equity (IPO-Anchor) SBI MAGNUM TAXGAIN SCHEME 7,367.00
Company Ltd.
SBI EMERGING BUSINESSES FUND 1,500.00
Laurus Labs Ltd Equity (IPO) SBI PHARMA FUND 832.00
SBI MAGNUM MONTHLY INCOME PLAN 18.00
SBI MAGNUM MIDCAP FUND 1,486.00
SBI MAGNUM MULTICAP FUND 495.00
SBI TAX ADVANTAGE FUND-SERIES-I 297.00
SBI SMALL AND MIDCAP FUND 297.00
SBI EQUITY OPPORTUNITIES FUND - SERIES I 94.00
SBI EQUITY OPPORTUNITIES FUND - SERIES II 33.00
SBI EQUITY OPPORTUNITIES FUND - SERIES IV 25.00
Equity (IPO-Anchor) SBI MAGNUM MULTIPLIER FUND 313.00
SBI PHARMA FUND 313.00
SBI MAGNUM MONTHLY INCOME PLAN 313.00
SBI MAGNUM MULTICAP FUND 333.00
SBI EQUITY OPPORTUNITIES FUND - SERIES II 313.00
SBI LONG TERM ADVANTAGE FUND - SERIES III 313.00
Total 42,845.73

Abridged Annual Report 2016-17 17

 SBI BLUE CHIP FUND
Subscription by the schemes (excluding secondary market purchases) in the issues lead managed by an associate company, SBI CAP Securities
Ltd., during the year ended 31st March 2016 is as under :

Name of the issuer Instrument Scheme Amount

Insecticides India Ltd. Equity (QIP) SBI MAGNUM MULTICAP FUND 500.00
SBI EQUITY OPPORTUNITIES FUND - SERIES I 1,000.00
National Highways Authority Of India Debt SBI DYNAMIC BOND FUND 10,000.00
(Tranche I Ser II A)
Navkar Corporation Ltd. Equity (IPO) SBI MAGNUM BALANCED FUND 8,999.92
SBI MAGNUM MIDCAP FUND 4,999.87
SBI SMALL AND MIDCAP FUND 3,999.90
Equity (IPO-Anchor) SBI MAGNUM MIDCAP FUND 355.61
SBI INFRASTRUCTURE FUND 266.67
SBI SMALL AND MIDCAP FUND 977.74
Precision Chamshafts Ltd. Equity (IPO-Anchor) SBI MAGNUM GLOBAL FUND 1,650.04
SBI MAGNUM BALANCED FUND 1,650.04
Tata Motors Ltd. Right Issue SBI MAGNUM EQUITY FUND 379.28
SBI MAGNUM MULTIPLIER FUND 298.35
SBI MAGNUM TAXGAIN SCHEME 1,133.72
SBI MAGNUM BALANCED FUND 104.42
SBI CONTRA FUND 443.42
SBI NIFTY INDEX FUND 14.16
SBI REGULAR SAVINGS FUND 0.85
SBI EDGE FUND 0.84
SBI EMERGING BUSINESSES FUND 174.78
SBI MAGNUM MONTHLY INCOME PLAN 7.68
SBI MAGNUM MULTICAP FUND 73.77
SBI BLUE CHIP FUND 195.53
SBI BLUE CHIP FUND 30.96
SBI ARBITRAGE OPPORTUNITIES FUND 29.24
SBI CAPITAL PROTECTION ORIENTED FUND - 7.38
SERIES -II
SBI-ETF SENSEX 0.76
SBI DUAL ADVANTAGE FUND - SERIES I 5.07
SBI DYNAMIC ASSET ALLOCATION FUND 6.56
SBI-ETF BSE 100 1.49
Total 37,308.04
(V) Subscriptions made to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as
arranger or manager : NIL (Previous Year : NIL)
3 Investors holding Units more than 25% of Net Asset Value in the Scheme as on the Balance Sheet date : NIL (Previous Year : NIL)

Abridged Annual Report 2016-17 18

 SBI BLUE CHIP FUND
4 Unit Capital movement during the year ended / period ended. Plan wise details of movement in units - opening, subscription, redemption, closing.
Indicate planwise face value of units.

SBI BLUE CHIP FUND

March 31, 2017
(No. of Units)
Regular Direct
Growth Dividend Growth Dividend Total
Face Value (` ) 10 10 10 10
Opening 1,11,29,24,074 60,58,82,057 32,64,97,018 6,66,07,757 2,11,19,10,905
Subscription 1,44,49,94,733 43,54,92,495 58,47,52,415 20,28,48,178 2,66,80,87,821
Redemption 27,03,34,185 12,09,40,779 11,58,80,998 8,27,33,540 58,98,89,502
Closing 2,28,75,84,621 92,04,33,772 79,53,68,435 18,67,22,395 4,19,01,09,225

SBI BLUE CHIP FUND

March 31, 2016
(No. of Units)
Regular Direct
Growth Dividend Growth Dividend Total
Face Value (` ) 10 10 10 10
Opening 37,80,88,468 24,29,70,832 5,17,03,542 28,02,663 67,55,65,506
Subscription 82,40,79,287 57,00,50,674 32,99,33,166 9,62,44,766 1,82,03,07,893
Redemption 8,92,43,682 20,71,39,449 5,51,39,691 3,24,39,673 38,39,62,494
Closing 1,11,29,24,074 60,58,82,057 32,64,97,018 6,66,07,757 2,11,19,10,905
5 Other Income includes exit load income (net of Service Tax), Provision for Doubtful (Debt, Income, Deposits, Asset) written off, provision no longer
required return back and miscellaneous income (if any).
6 Expenses other than management fees are disclosed inclusive of service tax.
7 In compliance with the SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13, 2012 and SEBI (Mutual Funds) (Second Amendment)
Regulation 2012:-
i) A Direct Plan having lower expense ratio has been introduced for processing applications not routed through a distributor. Such Direct Plan
has a separate NAV.
ii) A separate expense of 0.02 per cent on daily net assets has been accrued for investor education and awareness initiatives within the maximum
limit of TER as per regulation 52
iii) Service Tax on Management Fees is accrued in addition to the maximum limit of Total Expense Ratio (TER) as per SEBI regulation 52.
iv) An additional expense not exceeding of 0.30 per cent of daily net assets is accrued over and above the maximum limit as per Regulation 52 in
case of new inflows coming from beyond top 15 cities as specified by SEBI.
8 In view of the AMFI Best Practices Guidelines Circular No. 56/2015-16, the IEF accrual is set aside in a separate bank account and the consolidated
balance across all schemes as on March 31, 2017 is as under:
An annual charge of 2 basis points ( 0.02% p.a.) of daily net assets, being part of total recurring expenses is set aside for Investor Education and
Awareness Initiatives (IEAI) in accordance with SEBI (Mutual Funds) Regulations, 1996 and guidelines issued thereunder. These funds set aside are
used only for meeting expenses for Investor Education and Awareness Initiatives.
As per SEBI circular no. IMD/DF2/RS/813/2016 dated January 08, 2016, 50% of the unutilised portion of investor awareness and education fund as
on March 31, 2016 has been transferred to AMFI. Also from April 1, 2016 onwards, 50% of the 2 bps accrual on daily net assets set aside by mutual
fund for investor education and awareness initiative has been transferred to AMFI.

Abridged Annual Report 2016-17 19

 SBI BLUE CHIP FUND
Movement of IEAI balances during the financial year ended March 31, 2017 and March 31, 2016 is given below:

Particulars FY 2016-17 FY 2015-16

Opening Balance 71.76 915.64
Add: Accrual during the year 2,753.74 1,905.24
Add: Investment Income for the year 16.14 42.48
Less: AMFI contribution for the year 1,391.51 -
Less: Amount Spent during the year 1,274.17 2,791.59
Closing Balance 175.96 71.76

9 Contingent liability in respect of Underwriting Commitments, Uncalled liability on partly paid shares and other commitments are NIL (Previous Year
NIL).
10 Figures of the previous year have been regrouped, wherever necessary.

Note : 0.00 Indicate amount less than ` 500

Abridged Annual Report 2016-17 20

 SBI BLUE CHIP FUND

KEY STATISTICS FOR THE YEAR / PERIOD ENDED MARCH 31, 2017
Current Year / Period Previous Year / Period
ended March 31, 2017 ended March 31, 2016
1. NAV per unit (`):
Open
Regular Plan - Growth Option 27.9209 28.3756
Regular Plan - Dividend Option 16.7440 19.4388
Direct Plan - Growth Option 28.6050 28.7501
Direct Plan - Dividend Option 19.5890 22.5020
High
Regular Plan - Growth Option 33.5722 29.6189
Regular Plan - Dividend Option 19.6362 20.1879
Direct Plan - Growth Option 34.7876 30.1040
Direct Plan - Dividend Option 23.0934 23.4395
Low
Regular Plan - Growth Option 27.5194 25.2159
Regular Plan - Dividend Option 16.3880 15.1218
Direct Plan - Growth Option 28.2023 25.7961
Direct Plan - Dividend Option 19.3136 17.6653
End
Regular Plan - Growth Option 33.5722 27.9209
Regular Plan - Dividend Option 19.1053 16.7440
Direct Plan - Growth Option 34.7876 28.6050
Direct Plan - Dividend Option 22.5821 19.5890
2. Closing Assets Under Management (` in Lakhs)
End 12,62,700.69 5,18,661.01
Average (AAuM) 8,71,779.59 2,92,072.22
3. Gross income as % of AAuM 1
4.56 5.90
4. Expense Ratio:
a. Total Expense as % of AAuM ###
Regular Plan 2.30 2.26
Direct Plan 1.18 1.39
b. Management Fee as % of AAuM 0.88 0.96
5. Net Income as a percentage of AAuM 2
2.50 3.75
6. Portfolio turnover ratio4 1.02 0.74
7. Total Dividend per unit distributed during the year / period (plan wise)
Regular Plan - Dividend Option 1.00 2.50
Direct Plan - Dividend Option 1.20 2.90
8. Returns:
a. Last One Year
Scheme
Regular Plan - Growth Option 20.2404 (1.5981)
Direct Plan - Growth Option 21.6137 (0.5033)

Abridged Annual Report 2016-17 21

 SBI BLUE CHIP FUND

Current Year / Period Previous Year / Period

ended March 31, 2017 ended March 31, 2016
Benchmark :- S&P BSE 100
Regular Plan - Growth Option 21.1719 (8.9366)
Direct Plan - Growth Option 21.1719 (8.9366)
b. Since Inception
Scheme
Regular Plan - Growth Option 11.4940 10.6660
Direct Plan - Growth Option 18.8306 17.9862
Benchmark :- S&P BSE 100
Regular Plan - Growth Option 10.6153 9.6246
Direct Plan - Growth Option 11.2854 8.4059
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD
3. AAuM=Average daily net assets
4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
###  Total expenditure (I) excludes Deferred Revenue Expenditure and Interest on borrowing (II) includes Service Tax on Management Fees charged to
the investor over and above the normal expense charged and Additional TER as per SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13,
2012, if any.
IV = Individual & HUF, OT = Other than Individual & HUF
N.A. = Not Applicable

Abridged Annual Report 2016-17 22